Weekly Cryptocurrency Market Analysis: Altcoins Are In A Downturn But Recovering In Bullish Trend Zones
This week cryptocurrencies are trading in bullish trend zones.
All cryptocurrencies are rejected in their respective overbought zones. Buyers are unable to sustain the bullish momentum above the overriding resistance. If the altcoins fail to find support above the moving average lines, their prices could fall even further.
Maker
Maker (MKR) is in an uptrend and struggling to break through resistance at $950. The current uptrend was broken at the $950 high, but then reversed. The altcoin retraced above the $850 support level and returned to the previous high. On March 5, the price of the cryptocurrency retested the recent high, but failed to break through resistance. After two failed attempts to break the recent high, the cryptocurrency value is fluctuating below the resistance level. The altcoin’s upward movement is hindered by its overbought condition. However, if the resistance at $950 is broken, a recovery to $1,100 is possible. Maker has a bullish momentum above the Stochastic daily value of 80. MKR, the best performing cryptocurrency, has the following characteristics:
Current price: $915.72
Market capitalization: $920,758.154
Trading volume: $70,045,577
7-day gain/loss: 15.13%
XDC Network
The price of XDC Network (XDC) is in an uptrend after rising above the moving average lines. The price of the cryptocurrency is forming a series of higher highs and higher lows. However, the uptrend has ended since the January 30 uptrend. Buyers tried to break the recent high three times, but were beaten back each time. After retesting the $0.029 resistance level, the altcoin is currently in retreat. If the altcoin falls below the trend line, the uptrend could come to an end. In the meantime, XDC is trading below the resistance level. For the period 14, XDC is in an uptrend zone with a Relative Strength Index of 62, indicating that the altcoin has the following characteristics and is the second best performer among cryptocurrencies:
Current price: $0.02943
Market capitalization: $1,110,713,782
Trading volume: $3,285,110
7-day gain/loss: 10.01%
Synthetix
The price of Synthetix (SNX) has risen above the moving average lines, indicating that it is in an uptrend. The altcoin rose to a high of $3.30 before falling back. The cryptocurrency value is again testing the overbought area of the market. If the current resistance is broken, SNX will retest its previous high of $3.50 or $4.00. On the downside, the uptrend will resume if the altcoin declines and finds support above the moving average line. However, if the altcoin falls and breaks below the uptrend line, the current uptrend could come to an end. The cryptocurrency is rising above the 70 level of the daily stochastic. SNX is approaching the overbought zone. SNX is the third most valuable cryptocurrency. It has the following characteristics:
Current price: $3.06
Market capitalization: $942,130,897
Trading volume: $94,593,971
7-day gain/loss: 8.76%
EOS
EOS (EOS) is in an uptrend, but has reached resistance at $1.30. On February 19, the uptrend came to an end. The price of the cryptocurrency has declined and found support above the moving average lines. As a result, the uptrend could resume above the moving average lines. If the price falls below the uptrend line, selling pressure could resume. The downward momentum has slowed down as the price remains above the moving average lines. The altcoin is currently in the bullish trend zone, with the Relative Strength Index for the 14 period at 53. EOS is the fourth most valuable cryptocurrency.
Current price: $1.20
Market capitalization: $1,291,891,645
Trading volume: $156,606,583
7-day gain/loss: 7.29%
Immutable
ImmutableX (IMX) is on the rise. Previously, the altcoin was trapped between the moving average lines. Today, the cryptocurrency’s price rose above the 21-day line SMA, reaching its previous high. IMX rose to a high of $1.33 on February 15, but was pushed back. It was pushed back as the market approached overbought territory. A new uptrend begins above the moving average lines to regain previous highs. The current uptrend is also approaching the overbought area. On the upside, IMX will be forced to move sideways if it fails to break above resistance. The altcoin is rising above the 80 level of the daily stochastic. The fifth best cryptocurrency is called IMX. It has the following characteristics:
Current price: $1.19
Market capitalization: $1,291,891,645
Trading volume: $155,542,435
7–day gain/loss: 7.20%
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.
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